The betting exchange functionality

After a market is created, all players can participate in the betting market by accepting (BUY) or offering (SELL) bets with certain odds and with a certain max. amount for a certain event outcome.

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SANDBOX

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BUY

To buy an outcome in a market is to bet for something to happen and represents the traditional style of betting.

BUY on BX is similar to BACK on traditional betting exchanges.

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SELL

To sell an outcome in a market is to place a bet for something NOT to happen, or in other words, bet against something happening.

SELL on BX is similar to LAY on traditional betting exchanges

THE BUY ORDER

A buy order represents a bet that the respective outcome will happen.

The buyer can either place a quick bet by accepting existing odds offered by sellers or alternatively set his own odds. With individual buy offers, it’s not always ensured that a valid betting constellation arises as there is the need for someone to sell the bet with the same odds. That’s what makes betting on BX.BET so exciting, the price for a bet truly reflects the supply and demand of the market without a middleman setting the odds.

If you ‚buy‘ Barcelona, you are placing a bet on Barcelona to win the match.

THE SELL ORDER

A sell order represents a bet that the respective outcome will not happen.

With the sell option, BX.BET offers every user the possibility to take over the role of the bookmaker and offer individual odds to buyers. As the player sells a bet to another one, he will win his stake if the particular outcome does not occur. On the other hand, the seller has to pay out the buyer if the outcome does occur.

So if your bet doesn’t work out as planned, you need to pay out as a traditional bookmaker would.

If you ‚sell‘ Barcelona, you are placing a bet that Barcelona will not win the match. In this instance, you will win your bet if Real Madrid win the match or the match ends in a draw.

How are the winnings calculated?

Buy on Barcelona

STAKE: 25 BX

ODDS: 3.85

Check
Cross

Barcelona won:

PAYOUT

96,25 BX (25 BX * 3.85)

WINNINGS

71.25 BX (Payout - Stakes)

Barcelona lost:

PAYOUT

0 BX

LOSS

25 BX (Payout - Stakes)

If you placed a buy order and win, your winning are calculated pretty straight forward as it is just your stake multiplied by the odds.

Sell on Barcelona

BUYER'S STAKE:

25 BX

LIABILITY:

71.25 BX

(25 BX * 3.85 - 25 BX)

Check
Cross

Barcelona won:

LOSS

71.25 BX (Liability)

Barcelona lost:

WINNINGS

25 BX (Buyer's Stake)

If you lay Barcelona for 25BX at odds of 3.85, you need 71.85 BX to cover the potential pay out if Barcelona wins the game. This is your liability on the bet.

If you lay Barcelona for 25BX at odds of 3.85, you are able to win 25 BX. In case that Barcelona did not win, you will receive the Stake of the buyer.


The crucial point of selling a bet is the calculation and distribution of the winnings. As the player sells a bet to another one, he will win his stake if the particular outcome does not occur. On the other hand, the seller has to pay out the buyer if the outcome does occur. At this point, two terms are crucial and the clear distinction of these is essential for the understanding of the functionality of a sell order:

Buyer’s Stake equals the maximum stake of the matching buy order with the same odds and is thus the maximum profit for the sell order.
Sell Liability represents the maximum amount of BX tokens, that a seller will lose if the outcome occurs.







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